Women retiring with less but what will close the gender savings gap?

Women generally live longer than men but many are favouring a more conservative “set and forget” approach to their investments, according to new data from ANZ Investments.

Research studies have proven women to be more cautious, calmer, and better long-term investors than their male counterparts, although it can in some cases lead them to make more conservative choices. The findings from ANZ Investments align with the theory, with men making up two thirds of the company’s high growth fund option.

The gender divide is also seen in other KiwiSaver fund types as well, says ANZ Investments Managing Director Fiona Mackenzie. Conversely, within the company’s Lifetime products which automatically change a member’s fund based on age and investment horizon, the gender gap disappears and women members account for more than 50%.

The numbers could mean many women are not being proactive about choosing the right investment for their life stage, Mackenzie.